$HHH Gets Insurance Engine as Ackman Touts Vantage Deal, Sees Stock Undervalued

Bill Ackman told Christopher Zook and Tony Robbins on The Holy Grail of Investing that Howard Hughes ($HHH) closed its purchase of insurer Vantage in June. He recruited Marc Grandison, Arch Capital's CEO for the prior eight years with a reported 23% IRR, as Vantage's executive chair, with deputy David Gansberg taking the CEO seat. Pershing Square will manage Vantage's investment assets for free, the same structure Warren Buffett uses at Berkshire Hathaway.
Ackman called it the best senior leadership team in the insurance industry. He estimated the stock trades around $72 against an estimated $110-120 per share from real estate alone, before accounting for any contribution from Vantage.